Egyptian business tycoon to stand trial for allegedly financing illegal excavation of antiquities

CAIRO - Egypt’s public prosecution on Sunday referred a well-known Egyptian business tycoon to trial before a criminal court over the alleged financing of illegal excavations of antiquities, local news outlets reported.

Hassan Rateb, MP Alaa Hassanin and his brother, along with 17 other alleged gang members were accused of illegally excavating treasures in Egypt, the reports added. They were all referred to the criminal court for the same case.

Rateb was arrested in June, almost a week after Hassanin and 17 others were apprehended in possession of 201 pieces of antiquities at a warehouse in Old Cairo.

Investigations and interrogation of the group found that Rateb allegedly funded the operation over five years, to the tune of around 50 million Egyptian pounds.

Rateb, known for his investments in North Sinai province, is the former owner of Al-Mehwar satellite TV channel and the chairman of Sinai University, Sama group, and the Sinai cement company.

Theft, unlicensed excavation, the spoiling, and smuggling of antiquities are punishable by law, both by hefty fines and imprisonment for up 25 years.